Highlights of Union Budget 2015

Here are the highlights of Jaitley’s Budget for the fiscal year that begins on April 1.

TAXATION

* To abolish wealth tax

* Replaces wealth tax with additional 2% surcharge on super rich

* Proposes to cut to 25 percent corporate tax over next four years

* Corporate tax of 30 percent is uncompetitive

* Net gain from tax proposals seen at Rs 150.68 billion

* Jaitley proposes modification of permanent establishment norms so that the mere presence of a fund manager in India would not constitute a permanent establishment of the offshore fund, resulting in adverse tax consequences.

* “One of the achievements of my government has been to conquer inflation. This decline in my view represents a structural shift.”

REVENUES

* Revenue deficit seen at 2.8 percent of GDP

* Non tax revenue seen at 2.21 trillion rupees

* Agricultural incomes are under stress

DISINVESTMENT

* Government targets 410 billion rupees from stake sales in companies

* Total stake sale in 2015/16 seen at 695 billion rupees

MARKET REFORMS

* Propose to merge commodities regulator with SEBI

* To bring a new bankruptcy code

* Jaitley says will move to amend the RBI act this year, and provide for a monetary policy committee

* To set up public debt management agency

* Proposes to introduce a public contract resolution of disputes bill

* To establish an autonomous bank board bureau to improve management of public sector banks

EDUCATION

1 AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam. 2 IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT. 3 PG institute of Horticulture in Amritsar. 4 Kerala to have University of Disability Studies 5 Centre of film production, animation and gaming to come up in Arunachal Pradesh. 6 IIM for Jammu and Kashmir and Andhra Pradesh.

WELFARE SCHEMES

1 50,000 toilets constructed under Swachh Bharath Abhiyan. 2 Two other programmes to be introduced- GST & JAM Trinity. GST will be implemented by April 2016. 3 MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs. 4 Housing for all by 2020. 5 Upgradation 80,000 secondary schools. 6 DBT will be further be expanded from 1 crore to 10.3 crore. 7 For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a year. 8 New scheme for physical aids and assisted living devices for people aged over 80 . 9 Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund. 10 Rs. 5,000 crore additional allocation for MGNREGA. 11 Govt. to create universal social security system for all Indians.

1 Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new toursim scheme. 2 Visa on Arrival for 150 countries.

GOLD 1 Sovereign Gold Bond, as an alternative to purchasing metal gold. 2 New scheme for depositors of gold to earn interest and jewellers to obtain loans on their metal accounts. 3 To develop an Indian gold voin, which will carry the Ashok Chakra on its face, to reduce the demand for foreign coins and recycle the gold available in the country.

Some banks rallied more than RS 50 on Saturday. Besides, INDUSind bk – at ATH, Kotak, Axis is about to break ATH level. They will get into unchartered zone where target can not be fixed. Happy trading.

I truly appreciate brahmesh’s articles that are in details always.My humble request is that in 10 years of congress rule how much growth country has achieved on all economic and social parameters.My believe is that it has grown 6 to 12 times on all fronts.Now country is directionless and leaderless.No real steps to fulfill all tall promises.Everything is going down.Please have one article on achievments of Congress in 10 years